Nursing home care can often be a tremendous expense. Additionally, most health insurance policies will not pay for long term nursing home care. In New York State, there are three ways to pay for the costs of long term care: private pay, long term care insurance, and Medicaid.
For many people, privately paying for long term care is unrealistic and while long term care insurance is a fantastic option, it is typically very expensive and many individuals are ineligible either due to age or for medical reasons; which leaves Medicaid.
Medicaid includes a joint Federal and State program designed to provide long term care for individuals that meet certain income and asset levels. Any amount in excess to these limitations must be used to pay for your care prior to being eligible for Medicaid assistance with certain important exceptions.
At Vella Carbone, we can help you preserve as much of your assets as possible and prepare you to qualify for Medicaid when the time comes. We represent numerous clients through the Medicaid planning and application processes while providing asset protection. We have experience in the nuanced approach needed for the Medicaid application. We can advise you on the role of various asset protection vehicles and defend your application in any necessary fair hearings. Medicaid planning and asset protection can be vital tools to ensure for a serene future in your golden years.